In seeking to grasp the significance of the present frenzy, it is worth recalling the analysis made by Marx of previous financial bubbles, in particular those associated with the expansion of the credit system, which began in the mid-nineteenth century.

While she dismissed the impact of bitcoin on the financial system, Yellen was reminded by one questioner that her predecessor, Ben Bernanke, had said in 2007 that the sub-prime bubble would have no broader effects.

A measure that will further restructure American society to benefit the ruling oligarchy at the expense of the mass of the population is being rushed through Congress without so much as a public hearing.

The Dow’s record-breaking close coincided with Depression-like scenes of thousands of workers in the US lining up for job applications with Amazon, a firm which epitomizes poverty wages and super-exploitation.